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Accident Exchange

Cattaneo LLP advised Accident Exchange Group PLC on the acquisition of DCML Limited for up to £12 million - May 2006

Accident Exchange Group PLC (Fully Listed) is a rapidly growing provider of replacement prestige vehicles to the non fault parties involved in motor accidents and had a £260 million market capitalisation at the time of this transaction.

Dennis Ryan, CEO DCML, shakes hands with Steve Evans, CEO Accident Exchange, on completion of the acquisition with Charles Cattaneo and Gerry Carey, Chairman of DCML looking on

Dennis Ryan, CEO DCML, shakes hands with Steve Evans, CEO Accident Exchange, on completion of the acquisition with Charles Cattaneo and Gerry Carey, Chairman of DCML looking on.

Accident Exchange Group PLC(“Accident Exchange”) acquired DCML Limited (“DCML”) for up to £12m million satisfied by a mixture of debt funded cash and shares.

Accident Exchange had identified DCML as a potential target and engaged Cattaneo LLP to help bring a transaction to fruition. Cattaneo LLP initiated the approach to the DCML shareholders, negotiated the terms of the deal, advised on the structuring of the consideration and project managed the transaction through to completion for Accident Exchange.

This was Cattaneo’s first completed public deal since breaking from KPMG in October 2005. The acquisition made strong strategic sense for Accident Exchange at this stage in its development. Its was their first acquisition since undertaking a reverse takeover in April 2004 which saw the company rapidly grow from a market capitalisation of around £15 million then to around £260 million on doing this deal.

I briefed Charles on what we wanted to do and he just got on with it, it was like having another executive on our team working on the acquisition. He was instrumental in making the initial approach to the shareholders of DCML, briefing us on the opportunity and assisting in the negotiation and execution of the deal, the transaction ran extremely smoothly and I am sure this was down to Charles’ skills in bringing the parties together painlessly. We hope that this is the start of a long relationship with Charles.

Steve Evans
CEO of Accident Exchange

From the initial approach by Charles through to completion the transaction was handled in a professional and impressive way and I am sure this is down to Charles’ no nonsense/no surprises approach and his extensive corporate finance experience really shone through.

Gerry Carey
Chairman of DCML

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